As you venture deeper into the contract management market, you might encounter vendors claiming that AI will enhance reporting but won’t have a meaningful impact on your day-today. They might go as far to say AI isn’t integral to modern contracting, and that if you want efficiency, all you need is good contract lifecycle management (CLM) software. These vendors aren’t entirely wrong. Traditional CLM platforms might be able to help you organize your contracts. But they still require data entry and manual performance tracking. When you settle on legacy CLM, what you win in minor efficiency gains you sacrifice in greater business outcomes.
Without AI, all CLM can really do is digitize your filing cabinet.
AI is what powers contract management solutions to deliver actual value to the business — value in the form of insights that legal, procurement, finance, and sales teams can act on. These insights come from a new mode of interacting with business agreements called contract intelligence. Contract intelligence enables modern companies to improve compliance, negotiate better deals, manage spend, and find compelling opportunities. In this guide we explore what contract intelligence is, how it works, its defining benefits, and common applications across the organization.